Business
True North Commercial REIT Provides Update on Accretive Unit Repurchases under Normal Course Issuer Bid
True North Commercial REIT Provides Update on Accretive Unit Repurchases under Normal Course Issu...
About this update from True North Commercial Reit
[{"type":"text","content":"\n \n \n \n True North Commercial REIT Provides Update on Accretive Unit Repurchases under Normal Course Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/\n \n \n \n \"This news release constitutes a \"designated news release\" for the purposes of the REIT's prospectus supplement dated\n \n April 21, 2022\n \n to its short form base shelf prospectus dated\n \n February 17, 2022\n \n .\"\n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 6, 2024\n \n \n /CNW/ - True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the \"\n \n REIT\n \n \") is pleased to provide an update on its normal course issuer bid (\"NCIB\") announcing that it has repurchased 212,460 trust units (\"Units\") from\n \n February 1, 2024\n \n to\n \n February 29, 2024\n \n , bringing the total number of Units repurchased since the start of the NCIB to 847,071 Units. The repurchase of Units under the NCIB continues to be accretive to the REIT's funds from operations per Unit (\"FFO\") and adjusted funds from operations per Unit (\"AFFO\"). There were no purchases made by insiders of the REIT during this period in compliance with the REIT's insider's trading policy that restricts purchases until 24 hours following the issuance of the 2023 year-end financial results which is currently scheduled to be released on\n \n Tuesday, March 19, 2024\n \n .\n \n \n \n Non-IFRS measures\n \n \n \n Certain terms used in this press release such as FFO and AFFO are not measures defined by International Financial Reporting Standards (\"IFRS\") as prescribed by the International Accounting Standards Board, do not have standardized meanings prescribed by IFRS and should not be compared to or construed as alternatives to profit/loss, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. FFO and AFFO as computed by the REIT may not be comparable to similar measures presented by ot...